See my notes on the chart below. Earnings are scheduled for 08/16, but I consider this a long-term play based on this monthly breakout. I believe that holding $26 as major support now, after acting as decade-long resistance, is central to the bull case. Beyond that, consider this an example of what to look for on the major market index charts in terms of conquering the April highs from earlier this year. We want to see a tight consolidation right at prior resistance before pushing through it, rather than just screaming up to the highs and seeing violent indecision with wild price swings. The former scenario illustrates that the chart is coming to terms impressively with a prior resistance level without being met by a group of powerful sellers.
Also, be sure to check out The Fly’s blog post tonight about my new service launching soon.
5 Responses to Dawn of a Brand New Day for The Gap
I want to hug him.
he will not hug back
… I want to hug him … feed him … and, offer him a guest bedroom !!!
… or, at least a sleeping bag !!!
Nice chart. I agree that looks like a pretty promising long.